How do payday loans affect your credit score?

How do payday loans affect your credit score?

A common question posed is whether simply taking out a payday loan can have an effect on your credit score, either positively or negatively. If you have worked hard to maintain a good credit score by building up your finances and paying off your credit card bill in full each monthly statement, it makes sense that you would want to protect your credit score. After all, having a poor credit score can seriously damage your chances of getting financial help in the future. This could include taking out a mortgage, buying a car with a loan or even getting an […]

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How many payday loans can you have at one time?

How many payday loans can you have at one time?

According to a rule of thumb, payday lenders should not be providing anyone with more than one payday loan at any given time. This would not only not be in the spirit of the industry, but it would also not be in the interests of the borrower. It goes against the very design of the payday loan, which is a short-term loan to boost finances rather than a deep financial need. If you cannot get enough cash for your needs in a single payday loan, then you should really be considering other kinds of credit to help you. However, there have […]

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How to complain about a payday loans company

Confirm the reason for complaint is a valid reason (see below) Download and complete this template  Make a complaint to the Financial Ombudsman Service – call 0300 1239 123 or 0800 023 4567 Looking to complain about payday lenders? The number of complaints being made by consumers regarding payday lenders has increased dramatically in the last year alone, overtaking the number of PPI compensation claims being made annually, a scandal largely considered to be one of the UK’s biggest. There have been different factors that have contributed to the rise in complaints against payday lenders, such as the increase in media attention regarding […]

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The rise of payday loans claims

The rise of payday loans claims

There have been numerous reports in recent months about how there has been a surge in the number of complaints about high-cost credit in the UK. In fact, the number of complaints has risen to record levels.  According to a recent article by The Guardian in May, the number of complaints regarding consumer credit in 2017-2018 had risen by a staggering 36,300, with more than half of these relating to payday loans, according to statistics provided by the independent Financial Ombudsman Service.  Whilst of all new complaints, those about payday loans had risen by over 64%, going from 10,529 to […]

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Can you be taken to court over a payday loan?

Can you be taken to court over a payday loan?

If you have taken out a payday loan and find yourself in a situation wherein you are not able to make repayments and find yourself defaulting on them, you may be concerned about what will happen next. One potential worry for borrowers concerns the possibility of being taken to court by a payday loan bad credit lender. However, is this, in fact, the reality if you don’t pay back a payday loan? You won’t be taken to court over a payday loan The simple truth is, is that a payday lender does not have the ability to take you to […]

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Can you go to prison for not paying a payday loan?

Can you go to prison for not paying a payday loan?

If you are struggling with mounting debt, perhaps because you have encountered an unexpected financial emergency, meaning that you have had difficulty keeping up with repayments and you have ended up not being able to pay credit you received, such as for a payday loan. You may be worried then that if you are not able to pay back your debts, that you could end up having to go to prison. However, this is simply not the case. We explain how, and what will most likely happen in the event that you are able to make repayments. The lender will […]

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Wonga receive £10 million bailout

Wonga receive £10 million bailout

It was reported last week that one of the biggest and most well-known short-term lenders in the UK, Wonga, has ended up being saved from bankruptcy, needing the payday lenders investors to provide the business with a £10 million pound bailout. It was revealed afterwards that this money was received from prominent venture capital funds, such as Balderton Capital as well as Accel Partners. Both companies have been long-term investors of Wonga. Warning of collapse This bailout was shortly after the chief executive of Wonga had warned shareholders that it was nearing the point of collapse and would be likely […]

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What did the FCA change for the payday loans industry?

A lot has changed about the Payday Loans industry in recent years, despite the bad and unfair press. The reason why so many things have changed and various improvements have been made to the payday loans industry is because of the takeover of the Financial Conduct Authority (FCA). The FCA took over from the FSA in 2014. Before the takeover, the payday loans industry was under a considerable amount of scrutiny from not only the media but also debt charities and the government. It was the case that many borrowers found themselves in spiralling g debt with little way of […]

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How to save money on your pet

Owning and caring for a pet can be a brilliant experience. Pets bring so much to your life; love, loyalty, company and purpose. However, if you already have a pet you are probably all too aware that they can seemingly become a vacuum on your bank account. No one wants to give up their pet or the chance of having a furry friend. Furthermore, everyone wants the best for their pet without having to break the bank or take out a loan. To help you save money and give your pet the best care, here are some ideas. Adopt, don’t […]

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How to Budget Well

Many people are under the impression that budgeting doesn’t not and cannot work well. That is because some people are simply not taking everything into consideration when drawing them up. Yes, you have thought out your monthly expenses as standard, but what about things like your daily coffee or a weekend away? A budget should be very unique to you and your incomings and out-goings. In this guide, we are going to look at blanket rules about how to best budget your monthly expenses to help you control your cash flow. Why should you budget? Let’s start at the very […]

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